Orrville / OH. (sc) The J. M. Smucker Company announced results for the first quarter (Q1) ended July 31, 2023, of its 2024 fiscal year. Financial results for Q1-2024 reflect the divestiture of certain pet food brands on April 28, 2023. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted.
Executive Summary
- Net sales decreased USD 67.8 million, or 4 percent. Net sales excluding the divestiture and foreign currency exchange increased 21 percent.
- Net income per diluted share was USD 1.79. Adjusted earnings per share was USD 2.21, an increase of 32 percent.
- Cash provided by operations was USD 217.9 million, compared to cash used of USD 39.0 million in the prior year. Free cash flow was USD 67.6 million, compared to USD (127.3) million in the prior year.
- The Company updated its full-year fiscal 2024 financial outlook.
Chief Executive Officer Remarks
«Our first quarter results reflect a positive start to our fiscal year, including volume growth in every business segment,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «Our ability to continue delivering results in a dynamic environment is due to our talented employees, focused strategy and execution, cost and productivity savings, partnership with our customers, and consumer demand for our leading brands. Our continued business momentum gives us confidence to increase our earnings per share expectations for this fiscal year. In the months ahead, we will continue to support our key growth platforms of coffee, snacking, and pet, which are well-positioned to drive sustainable growth and deliver long-term shareholder value.»
For additional details please read the company’s PDF file below (131 KB).
20230829-SMUCKER-Q1-2024.OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center
